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Angola

After independence in 1975, the country’s infrastructure was ravaged by a 30-year civil war. The economy remains overly reliant on petroleum exports, which accounts for about 95% of goods exports and 60% of tax revenues. Efforts to clamp down on corruption and to privatise inefficient parastatals have intensified since President Lourenço took charge in 2018.

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We now forecast real GDP will contract by 5.5% in 2020, before finally – following five straight years of negative growth – recovering to an expansion of 0.6% in 2021. The struggling oil sector, which has to contend with falling production and lower prices, will continue to hurt overall economic activity next year. Nonetheless, some positive reforms by the Angolan government, a privatisation drive, the gradual return to normal business conditions as Covid-19 vaccines become available as well as base effects should support a modest recovery in economic growth in 2021. (Source: Angola Quarterly Update, published December 2020)

Macroeconomic Data

(2019)

Fiscal Balance (as a % of GDP)

Consumer Price Index (% change y-o-y, avg)

Current Account Balance (as a % of GDP)

Real GDP (annual % change)

GDP per Capita, US$

Import Cover (months)

Population, million

Total External Debt (as a % of GDP)

0.7

17.1

5.4

-0.6

2,971.3

8.7

31.8

69.6

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